Cloud computing refers to accessing computing resources like data storage, applications, and infrastructure remotely over the internet. There are different deployment and service models of cloud computing including public, private, hybrid, community, infrastructure as a service (IaaS), platform as a service (PaaS), and software as a service (SaaS). SaaS allows software to be accessed via the internet rather than being installed locally. While cloud computing provides benefits like flexibility, cost savings, and scalability, security and loss of control are concerns when using cloud services.